Transfer of Shares or Stock.

22. Shares and stock shall be transferable subject to the following provisions:—The instrument of transfer shall be executed both by the transferor and the transferee, and the transferor shall be deemed to remain the holder of such shares or stock until the name of the transferee is entered in the register in respect thereof.

23. The instrument of transfer of any share shall be in the following form, or as near thereto as circumstances will admit—

I, A B, of______, in consideration of the sum of______pounds, paid to me by C D, of______do hereby transfer to the said C D, the share (or shares) numbered______standing in my name in the Books of The Dunedin City and Suburban Tramways Company, Limited, to hold unto the said C D, his executors, administrators, and assigns, subject to the several conditions on which I hold the same at the time of the execution hereof, and I, the said C D, do hereby agree to take the said share (or shares) subject to the same conditions.

As witness our hands the______clay of

24. The Directors may decline to register any transfer of shares or stock upon which the Company has a lien, and in the case of shares not fully paid up, may refuse to register or transfer to a transferee of whom they do not approve.

25. No transfer of shares or stock shall be made to an infant or person of unsound mind, nor, except under "The Married Women's Property Protection Act, 1880," to a married woman.

26. Every instrument of transfer shall be delivered to the Company for registration accompanied by the certificate of the share or stock to be transferred, and such other evidence as the Directors may require to prove the title of the transferor or his right to transfer the shares or stock.

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27. All instruments of transfer which shall be registered shall be retained by the Company, but any instrument of transfer which the Directors may decline to register shall be returned to the person depositing the same.

28. A fee, not exceeding two shillings and sixpence, may be charged for each transfer, and shall, if required by the Directors, be paid before the registration thereof. The transfer books may be closed during such time as the Directors think fit, not exceeding in the whole thirty days in each year.